Trusts For Your Family

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Trusts are a legal tool that can be used to protect assets such as land, property, shares or money for future generations. If you want to ensure certain assets are secured for youngsters in your family, trusts are a way of holding them until the beneficiaries are old enough to receive them. 

Trusts can also be used to ensure assets are not used to pay for your care as you age, and are also worth utilising if you wish to avoid paying inheritance tax. 

Loved ones will be assigned the role of trustees, who will then be responsible for managing the trust and carrying out the wishes of the asset owners following death. 

Here at Temperley Taylor we have an expert team waiting to help you secure your assets for future generations. To find out more about our services in this area contact our Middleton office today on 0161 643 2411, or our Heywood office on 01706 623 511. You can also fill out our online enquiry form and one of our solicitors will be in touch. 

What are the benefits of setting up a trust?

Trust funds or deeds of trusts are a great way to help protect your loved ones and ensuring they can be provided for in the future. Setting up trusts can be complicated, however, with the help of our solicitors, they can offer great benefits for you and your family including: 

  • Protecting your assets – so they cannot be used to pay for care homes fees
  • Providing financial stability for your loved ones
  • Helping to avoid inheritance tax – ensuring your money, shares and property are passed on in the most tax efficient way

Types of trust 

There are different types of trusts designed to meet different kinds of needs. The main types of trusts are:

  • Fixed– The beneficiaries are named and the proportions for how much to each one is clearly stated 
  • Interest in Possession– The beneficiary can use the asset when they are alive but must pass it to another named beneficiary when they die. This type of trust is often used to ensure the spouse of the deceased is provided for, while keeping the estate intact to pass on to the children
  • Discretionary – The beneficiaries are named but the trustees have the power to decide how much to give to each 
  • Disabled beneficiaries – Offer special tax exemption for beneficiaries who are disabled

Contact Temperley Taylor today

For more information and advice on creating trusts to protect your assets for your family contact our Middleton office on 0161 643 2411, or call our Heywood office on 01706 623 511

We can also provide support for clients in Manchester, Oldham, Rochdale and Bury. Alternatively, send us an online enquiry and we will be in touch.